How to do your BASE taxes
What is BASE?
BASE is an Ethereum layer-2 chain, built in collaboration with Coinbase and Optimism, offering improved scalability and efficiency, faster transaction speeds, and lower gas fees.
Follow these steps to sync your BASE data automatically to Koinly:
- Open your BASE wallet app
- Locate and copy your public address or key
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find BASE in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
Your frequently asked questions
How are BASE transactions taxed?
Wherever you live, chances are your BASE transactions will be taxed. Generally speaking, any gain from selling, trading, or spending crypto is subject to Capital Gains Tax, while any new tokens you earn, through for example staking rewards, may be subject to Income Tax. This said, crypto tax varies depending on where you live, so make sure to learn about the crypto tax rules in your country.
How do I get a BASE tax report?
The easiest way to get a BASE tax report is to use a crypto tax calculator like Koinly. All you need to do with Koinly is connect automatically using your public address and Koinly will import your transaction history, identify taxable transactions, and calculate your gains, losses, and income. After it has done this, Koinly generates a crypto tax report, ready to help you file.
How do I export my BASE transaction history?
This very much depends on the crypto wallet you're using. Some wallets may allow you to export a CSV file of your transaction history for accounting and tax purposes, while others may not. But you can always use a crypto tax calculator like Koinly to export your BASE transaction history automatically and easily using your public address.